MARKET BRIEFING – TECHNICAL ANALYSIS 05.02.2016

MARKET BRIEFING – TECHNICAL ANALYSIS 05.02.2016

Postby Atlas CapitalFx » Fri Feb 05, 2016 9:42 am

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MARKET BRIEFING – TECHNICAL ANALYSIS 05.02.2016







EURUSD

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The intraday technical outlook

EURUSD shot higher for the second consecutive day. Due to the NFP release the volatility is expected to be high this afternoon.

EURUSD needs to hold above 1.1170 level being the intraday Pivot Point if the price action is to continue the upward move.

The initial upside target is 1.1289, which is the Daily Average True Range (ATR) upside projection level of today. the 1st intermediate pivot resistance level of today. Should this mark be reached successfully, a further extension to 1.1442, being the Daily Average True Range (ATR) upside projection level of today, could be observed further.

If EURUSD fails to maintain the upward momentum, a move lower could potentially unfold.

If this scenario was to occur the target for today is 1.1000, being the pair’s 2nd pivot support level of today.





GBPUSD


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The intraday technical outlook

GBPUSD is retracing from a three-week high, which the pair reached yesterday.

GBPUSD needs to break above 1.4594 level, being the intraday Pivot Point if the price action is to continue its upward move.

The initial upside target is 1.4715, being the Daily Average True Range (ATR) upside projection level of today. Should this target be reached, the extend to 1.4798, which is the 3rd pivot resistance, could take place next.

If GBPUSD fails to maintain the upward momentum, a reversal and trading lower could potentially unfold.

If this scenario was to occur, the target for today will be 1.4426, being the Daily Average True Range (ATR) downside projection level of today.




USDJPY

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The intraday technical outlook

USDJPY continues to retrace from one-month high the pair reached last Friday.

USDJPY needs to hold below 117.17 level, being the intraday Pivot Point in order to continue the downtrend scenario.

The initial downside target is 115.60, which is the pair’s Daily Average True Range (ATR) downside projection level of today. Should this target be reached, the extend to 114.40, which is the 3rd intermediate pivot support level, could follow next.

If USDJPY fails to maintain the downward momentum, a retracement higher could potentially unfold.

If this scenario was to occur the target for today is 118.88, which is the 2nd pivot resistance of today.





USDCHF

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The intraday technical outlook

USDCHF declined lower after it reconfirmed the breach of the uptrend channel yesterday.

USDCHF needs to hold below 0.9974 line being the intraday Pivot Point if the price action is to continue its downward move.

The initial downside target is 0.98521, being the Daily Average True Range downside projection target of today. Should this level be reached, the pair could extend trading towards 0.9820, which is the 2nd pivot support level of today.

If USDCHF fails to maintain downward momentum, a reversal higher could potentially unfold.

If this scenario was to occur the initial upside target for today will be 1.00027, being the 1st pivot resistance level of today.




USDCAD

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The intraday technical outlook

USDCAD continues to plunge after the pair reached a thirteen-year high last week.

USDCAD needs to below 1.3729 level being the intraday Pivot Point, if the price action is to continue its downward move.

The initial downside aim is 1.3570, being the Daily Average True Range downside projection target. When this level is reached, the pair could extend trading towards 1.3503, which is the 3rd pivot support level of today.

If USDCAD fails to maintain the downward momentum, a reversal and returning to trade higher could potentially unfold.

If this scenario was to occur the target for today is 1.3906, being the Daily Average True Range upside projection target of today.




AUDUSD

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The intraday technical outlook

AUDUSD has bounced off the top of the uptrend channel this morning.

AUDUSD needs to hold above 0.7197 level, being the intraday Pivot Point if the price action is to continue the upward move.

The initial upside target for this afternoon will be 0.7275, being the Daily Average True Range upside projection level of today. Should this aim be reached successfully, a further stretch towards 0.7333, which is the 3rd pivot resistance level of today, could follow next.

If AUDUSD fails to maintain the upside momentum, a retracement lower could potentially unfold.

If this scenario was to occur the target is 0.7108, being the Daily Average True Range downside projection level of today.





GOLD

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The intraday technical outlook

Gold shot to a three-month high as the USD Dollar weakened further.

Gold needs to hold above 1150.59 level, being the intraday Pivot Point if the price action is to continue the upward move.

The initial upside target is 1166.00, being today’s Daily Average True Range (ATR) upside projection level. Should this aim be reached, a further extension to 1179.73, which the commodity’s 3rd pivot resistance level of today, could occur next.

If the metal fails to maintain the upward momentum, a reversal and trading lower could potentially unfold.

If this scenario was to occur, the target for today is 1143.00, which is the metal’s Daily Average True Range (ATR) downside projection level of today.




OIL

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The intraday technical outlook

Oil price is retesting the top of the downtrend channel this morning.

The commodity needs to hold below 32.26 level, being the intraday Pivot Point if the price action is to continue the downward move.

The initial downside target is 32.01, being the 1st pivot support level of today. Should this target be reached successfully, a move towards 30.54, which is the Daily Average True Range (ATR) downside projection of today, could follow next.

If the Oil fails to maintain the downside momentum, a reversal and trading higher could potentially unfold.

If this scenario was to occur the target for today is 35.12, being the Daily Average True Range (ATR) upside projection of today








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Atlas CapitalFx
 
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